In my experience for clients purchasing multifamily in Colorado Springs, I see a range of $750 - $1,100 or so per month depending on number of rooms & square footage of the unit.

Given your cap rate in your area, it does not look your rent prices support any type of new construction.

Sometimes HELOC is the better option, but qualification can be a deciding factor.I'm a mortgage agent, my client list is about 50% investor focused.

At this point, these funds might be used to buy supplies, help with food and temporary accommodation.Please donate and help to support our community.

. :)But seriously, my opinion is that investing $165K in a property that is only going to generate $16,800 in revenue before expenses is probably not the greatest investment.That is not something I would recommend to my investor clients.

Not sure if i can help you but wanted to jump in and give my support.

@Angela Soffe - I'd reach out to @Natalie Kolodij to see if she has any openings for new clients.  

Other clients I've mentored have wanted higher returns, so I helped them purchase properties in other parts of Phoenix.

I just had a client of mine here in CT that I connected with through BP close on a HUD property yesterday using a hard money loan. 

You may already know this, (you would be surprised how many of my clients don't before we meet) but in commercial, the buyer / tenant (in most cases) does not pay any of the commission from the transaction.